Are you looking for a simple and secure way to save money? A savings account might be the right solution for you. It allows you to deposit money in a safe account that offers easy access and is simple to open. Additionally, a savings account earns interest on deposits, which means your money will grow even more. 

Get started on a savings goal

Opening a savings account is always a good idea regardless of your financial goals. You don't need to be steadily employed or have a large deposit to open an account, which makes it accessible to anyone, regardless of age or financial situation. Some credit unions may only require as little as $5 to open an account. If you're opening an account for a minor, it will be a joint account with the parent or guardian, but once the child ages, the account will be under their control.

Access your money when you need it

Most savings accounts opened at a bank or credit union are easily accessible. A basic savings account allows you to access funds anytime, making it a great place to hold your emergency funds. Some experts recommend having three to six months' worth of living expenses readily available in case of emergencies, but that number ultimately depends on your unique situation.

Your funds are safe and secure

Another benefit of a savings account is that the money you deposit is insured and protected by the National Credit Union Administration (NCUA) for federally chartered credit unions and the Federal Deposit Insurance Corporation (FDIC) for banks. Each agency insures deposits up to $250,000.

Savings can be automatic

An automatic savings plan can help you quickly build a nest egg or rainy-day fund. You only need a checking account to schedule regular transfers from checking into savings.

Earn interest on deposits

Even a basic savings account will earn interest on your deposits. Most basic savings accounts earn around 1% interest. Look to a money market or high-yield savings (HYS) account for higher interest rates. However, these accounts usually have balance requirements, possible fees, and other considerations. Credit unions typically have better interest rates than banks, so check out all your options! 

Savings accounts with no limits

Regular savings accounts have no limits on the number of deposits or withdrawals. You can withdraw as long as you have the funds in the account. A regular savings account is the best option if you need unlimited access to your funds. Remember that money market and HYS accounts have limits on withdrawals and deposits. These accounts typically allow up to six withdrawals or deposits per month.

A savings account is an excellent way to achieve financial independence. It's great for emergency funds, kids and teens, and anyone looking to keep their money safe. Visit a credit union today for more financial products, outstanding rates, and personalized service.